Danieal Manning sells Chicago home at a big loss

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For a player who changes teams via free agency, plenty of financial factors must be considered.

One fairly important detail relates to the ability to sell his house.

Former Bears safety Danieal Manning bought a four-bedroom, 3,800-square-foot home in Libertyville, Illinois for $535,000 in 2007.  He left for the Texans last year, and he has now sold the place after slashing the price all the way down to $308,500, according to Bob Goldsbrough of the Chicago Tribune.

Unlike most people, Manning can afford to take a $226,500 bath.  His contract in Houston pays $20 million over four years.

Still, that $226,500 is long gone.  And it’s easy for folks who simply presume pro athletes are rolling in money to forget the fact that this new age of player movement, plenty of cash can fall through the cracks — especially in a softening real-estate market.

32 responses to “Danieal Manning sells Chicago home at a big loss

  1. Ok, but all that really matters is the DIFFERENCE between the houston/chicago markets. If he can get a comparable home for whatever he sells his current home for, then he’s no worse off.

  2. It’s all relative. I’m sure he bought a house in Houston for half the value 5 years ago, and a good CPA found a way to make it right.

  3. Sounds like he has more money than brains. I guess he’ll have a lawsuit against the league soon too. Concussions made him buy an overpriced house in a bad market.

  4. My neighbor bought his house for $215k and is attempting to sell it at $199k though zillow has it valued at $182k. Whereas I got my house 3 years later than he did and got mine for $160k and the same site has mine for $203k. That market hit a lot of people hard.

  5. That is why these guys wind up going broke. There is absolutely no reason that he had to take a $220,000 loss on this property. He could of kept this house and rented it out for 3 years until the housing market recovers and he could break even on the sale. He could of hired a local property management firm to take care of the entire transaction so he would of never had to worry about it while living in Texas. In the meantime he would have been making $1500 a month on rent.

  6. What a dumb move….now you see why so many professionial athletes end up flat broke within a couple of years after retirement.That annoying e-trade baby could give better financial advice then the guy he is currently paying….

  7. Why do these guys buy homes in a city they know they are not going to live in once their careers are over? Why not buy in the city you want to live permanently in, and rent in the city you play in? How hard or expensive could it be? The two hundred grand he lost in selling this home would have rented him a palace for seven or eight months a year in Chicago. Just dumb.

  8. blame it on Bush since that seems to be all the current administration does to any and all problems in the world today. seriously are we suppose to feel sorry for this and any other guy making that kind of money?

  9. Why would you buy a house in a the city you play in for Half a million unless that is the city you plan on retiring in.

    Buy or rent a townhouse where your playing

    Last but far from least that is what is called a write off and at his pay grade I am guessing he can use it

  10. “That is why these guys wind up going broke”

    –You mean guys that make $5 million a year living in houses that people making 1/10th that can afford? You have no idea what his situation is, nor the other particulars. Sounds like he took a loss like a lot of people do. Though, unlike many athletes, it seems he’s not overspending. A house that costs less than your annual income (much less) does not put you in the “going to go broke” category.

  11. The good news is that in the current Houston housing market, he can afford basically the same house for what he netted off the old one.

  12. Manning should have rented his house in Chicago to one of the Bears Rookies, I’m sure there would of been someone on the team willing to do it. Then he could of taken his time selling the house and possibly not taken such a large loss. $226,500 may not be a huge amount to Danieal now, but I bet when he retires he’ll remember, every dollar is gonna count.

  13. Um, he could have made way more than 1500 a month in rent. My run-of-the-mill house near downtown Minneapolis, 3 bedrooms is 1500 bucks a month. I’m guessing he could have made quite a bit more.

    And for billzbubb, he can get a house for negative $226,500?

  14. I went to a cost of living calc on the internet, Houston has a 10.6% less cost of living than Chicago. He lost money, but not nearly as much since he just moved to a state that doesn’t change state income tax as well as a lower cost of living.

  15. The return he’ll get on his Houston house over several years will make him feel better, assuming he buys in neighbor hood that does not decline in soft market. Danieal, buy close in, not out toward those cheap golf and country clubs!!!

  16. Will you people listen to yourselves?!?!?!

    Half of you think he splurged on a half million $ house when he should have given his money away on rent rather than own & attempt to make money like anyone who is able to do so!!

    Half of you say well that’s stupid to sell it for a loss when he could have rented it out & made money, like he had not tried that for the last year & a half.. Heck, most communities with houses over a half mil probably don’t allow renters!! By the way, Most people who can afford $4k a month in rent, DON’T RENT!!! They buy a property & try to make money off it in the end!

    And yet another half of you say “give me $20 mil over 4 years and I would be happy to see that quarter mil go”… Right, I’m sure he would answer you the same way you would answer a begger who proclaimed that “if some gave me that $50k a year that you make, i would give $10 bills to every begger that asked for a nickel”!!
    – No he wouldn’t, and no you wouldn’t either!! By the way, no one gave him anything!! Although it’s a crazy lucrative profession, he still earns his money with sweat & hard work!!

    And for those who say “boo hoo” or “cry me a river”…. You think he called the paper & wanted to make public the sale of his house and detail the loss he took on the property?!?!

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